Donald Trump could offer some countries tariffs of less than 10pc, the White House economic adviser has said.

Kevin Hassett, who is the director of the National Economic Council, said that nations offering good deals may be able to secure tariffs below the baseline.

Mr Hassett told CNBC: “We have seen that 10pc is a place that a lot of people have been pushed to, and I would guess that if they come in with good enough offers they’ll stay there or perhaps even below.

“But if they come in with retaliation and they don’t open their markets to US goods, then it will go the other way.”

The remarks signal a significant shift in Mr Trump’s position on tariffs. The US President described 10pc as “a floor” in April, although he said there “could be a couple of exceptions”.

The remarks threaten to take the shine off Sir Keir Starmer’s trade deal with the US President, which adheres to 10pc tariffs for nearly all goods.

They are the clearest sign yet that Mr Trump’s stance on the 10pc baseline is not firm as he has let on.

The economic advisor also dismissed concerns from chief executives about the hit from tariffs during the interview, saying they were just using it as a negotiating ploy.

Mr Hassett said: “Everyone is trying to make it seem like it is a catastrophe if there is a tiny little tariff on them.”

His comments come after Mr Trump on Sunday delayed plans to hit the EU with 50pc tariffs after a phone call with Ursula von der Leyen.

Mr Hassett described the conversation as a warm chat that “was almost like friend-to-friend.”

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Global stocks markets rose on Tuesday after Donald Trump delayed punitive tariffs on EU goods.

In New York, the S&P 500 surged 1.7pc, the Nasdaq gained 2.1pc and the Dow Jones rose 1.4pc.

In Europe, Germany’s Dax closed up 1pc, which the Cac 40 finished flat. The pan-European Stoxx 600 closed up 0.5pc.

In the UK, the FTSE 100 added 0.7pc, while the mid-cap FTSE 250 rose 1.1pc.

Wasif Latif, chief investment officer at Sarmaya Partners in New Jersey, said: “It was good news over the weekend, at least for the market, with the 30-day extra time frame for the EU trade tariff negotiation deadline. I guess the market was happy about that.”

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